Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Using AI to detect fraud. Leveraging the capabilities of artificial intelligence (AI), machine learning and predictive modeling, insurers are now able to identify instances of suspicious behaviors and proactively protect themselves against fraudulent claims. (Photo: THANANIT/Adobe Stock)

Insurance claims fraud has been a consistent source of frustration for carriers for decades. Despite their best efforts, insurers are still left paying millions of dollars in fraudulent claims annually. According to the FBI, the total cost of insurance fraud is more than $40 billion per year.

Unfortunately, that impact trickles down to consumers, who in turn are paying anywhere from $400 to $700 per year in increased premiums.



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.